Viewers Corner learnt that Truworths, a South African retail company has exited from Nigerian market due to economic crisis in the country. Truworths chief executive officer, Michael Mark said recently that President Buhari’s attempts to boost local industry are hurting foreign investment and that they could not operate the stores properly, they were unable to send merchandise to the stores because there is regulation preventing that. Truworths, the clothing retailer also stated that it was struggling to pay its rent and get access to foreign exchange which has dried up due to a fall in oil prices. Recently the central bank of Nigeria banned 43 items from accessing foreign exchange from official sources in order to boost local manufacturing in the country.
Source: Viewers Corner News.